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Small Firms Loan Guarantee (SFLG)
The Small Firms Loan Guarantee is supported by the Department for Business Enterprise and Regulatory Reform (BERR) and a number of banks, building societies and other lenders. The scheme can potentially assist small and medium-sized enterprises that are unable to obtain a conventional loan because they do not have assets to offer as security.
Lenders operating the scheme in the Gosport area include:
- Barclays Bank
- HSBC Bank
- Lloyds TSB Bank
- National Westminster Bank
The lenders are responsible for administering the eligibility criteria and making all commercial decisions regarding borrowing. The cost of the guarantee is 2% per annum on the outstanding amount of the loan.
The Small Firms Loan Guarantee is aimed at businesses that have been trading for less than five years, with an annual turnover of up to £5.6m.
Further details on the scheme can be found at http://www.berr.gov.uk/bbf/enterprise-smes/info-business-owners/access-to-finance/sflg/page37607.html
Alternatively, contact the business manager at one of the banks mentioned above.
